Money

lifestyle Money

How to boss the tax landscape

Businesses are facing uncertain times. The tax landscape is ever changing and with the cost of living and borrowing increasing, it has never been more important not only to understand where you are but where you want to go. So how can you invest, retain talent and save tax in your business today? - Investment in qualifying assets can qualify for up to a £1M tax deduction. Further tax relief is available to new assets purchased until March 2023, up to 130% - that’s more than you pay for it! - A non-cash voucher that isn’t related to staff performance up to £50 can be a great incentive to use for the everyday essentials, even better, its tax deductible. - Offering staff benefits such as mobile phones, pensions and private healthcare can be an alternative to salary.

Some have favourable tax implications. - Working from home is often now the norm, so ensure you are claiming all the available deductions for travel and home office use. - Profit extraction – with income tax likely to change and corporation tax at 19% at the time of writing' ensure you have reviewed your profit extraction strategy to maximise your available cash. As a firm of chartered accountants, we love helping individuals & businesses navigate the complex world of tax. If you would like to get ahead and take back control, book a free consultation now. Call 01342 393 200, email hello@ optimiseaccountants.com or see optimiseaccountants.com

CYBERSECURITY EXPERTS GIVE 10 TIPS FOR SAFE SHOPPING ONLINE

The busiest time of year for shopping is fast approaching and there are many deals to be had. However, it’s important to keep ourselves safe from hackers and scammers that target online shoppers. Online safety expert Chris Bluvshtein at VPNOverview. com gives his top ten tips for keeping yourself safe while shopping online during the holidays. Stick to websites you know

You might be tempted by a Google link promising an amazing deal but before you click, look at the name. If it’s not something you recognise, don’t go there. Hackers can use similar names to high-street brands to trick you into giving up your data so double check the site is the one you know.

Check the URL bar

Every website should have a valid security certificate and you can tell by the little padlock icon next to the URL. If a website doesn’t have one of these then don’t give your bank details or valuable information.

Check your bank statements

You might not even be aware of your details being stolen until it’s too late, but by making it a habit to check your account and statements you’ll be able to catch any suspicious activity early on.

Use a password manager

The safest thing you can do is use a unique, randomised password for all your accounts. But instead of writing those down on post-it notes or in notebooks, use a password manager to keep them all in one place. Password managers lock your information behind a master password and many of them autofill the website logins for you, keeping you safe from keylogger attacks.

Don’t shop on public Wi-Fi

You might be tempted to hop onto your favourite shopping site while having a coffee at your local cafe, but Public Wi-Fi rarely has safety protocols such as passwords in place and hackers can steal unsecured banking details and sensitive information without you knowing.

Use mobile payments

Apps like Apple Pay and Google Pay can protect your banking details so if a website accepts them, it’s best to use them instead of your debit card.

Use a credit card

If something is high value, don’t use your debit card to pay for it. Consumer law in the UK means that you could get refunds or claim your money back if your card is stolen.

Set up a temporary bank account

By opening an online only bank account such as Revolut or Monzo, you can control the amount of money you have access to with transfers from your usual account. This way, even if your details are compromised, the hacker can’t do anything to your real bank account.

Use a VPN

A VPN protects your data from prying eyes. Everything you send is encrypted so even if a hacker can see you on a network, they won’t be able to access your sensitive information. VPNs connect you to a remote server and hide your IP, using one along with any of our other tips can make your online shopping super secure.

If it seems too good to be true, it probably is!

Be careful with any adverts for amazing deals. You might never get the item or there could be hidden dangers. This old saying still rings true with online shopping.